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Indian manufacturer of medical devices such as IV cannulas, infusion sets and other disposables, with significant export sales.
Indian manufacturer of medical devices such as IV cannulas, infusion sets and other disposables, with significant export sales.
Sells high-volume disposable devices to hospitals through distributors at home and through importers abroad, and exports are a large share of sales. Hospitals use the items once and reorder, so volumes repeat. Founder Himanshu Baid leads the company.
In one line: India's smaller Becton Dickinson for disposable medical devices.
Moat: narrow (scale, regulatory licence, cost advantage). Large-scale, cost-competitive manufacturing with regulatory approvals (CE, US FDA) enabling global exports.
Headquarters: Faridabad, India · Founded: 1995 · Employees: 2,614
Size Poly Medicure (POLYMED.NS) is an India Health Care company (Medical Specialties) with a market value of $1.73B, the 410th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,612 on 6 Nov 2026.
Performance Over six months the shares fell 4.0%, against +2.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 18.3% over the last twelve months (peer median +9.3%); the operating margin is 16.7% (peer median 10.9%).
Valuation It trades at 40.6× forward earnings against a peer median of 26.2× (7th most expensive of 18).
Capital Return on invested capital runs 5.6 points below its cost of capital (13.5% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹20.0B | ₹18.6B | ₹16.6B | ₹13.7B | ₹11.1B |
| Revenue growth | — | +12% | +21% | +23% | — |
| Gross profit | ₹8.03B | ₹5.36B | ₹5.10B | ₹4.07B | ₹3.00B |
| EBITDA | ₹4.61B | ₹4.52B | ₹4.52B | ₹3.61B | ₹2.71B |
| Net income | ₹3.15B | ₹3.22B | ₹3.39B | ₹2.58B | ₹1.79B |
| Free cash flow | n/a | -₹602M | -₹941M | -₹82.4M | -₹546M |
| Capital expenditure | n/a | ₹3.08B | ₹3.31B | ₹2.77B | ₹2.39B |
| Total debt | n/a | ₹3.54B | ₹1.80B | ₹1.74B | ₹1.49B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Poly Medicure POLYMED.NS | $1.73B | -4% | +18% | 17% | 40.6× | n/a |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | POLYMED.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | -1.1% | 11th highest of 21 |
| 6-month return | -4.0% | +2.8% | 10th lowest of 20 |
| Distance from 52-week high | -23.0% | -22.2% | 11th highest of 21 |
| Revenue growth (TTM) | +18.3% | +9.3% | 8th highest of 21 |
| Operating margin | 16.7% | 10.9% | 8th highest of 21 |
| Forward P/E | 40.6× | 26.2× | 7th most expensive of 18 |
| ROIC minus cost of capital | -5.6 pp | +2.5 pp | 7th lowest of 21 |
| EV / EBITDA | 35.4× | 15.8× | 4th most expensive of 12 |
| Net debt / EBITDA | -1.0× | 0.4× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 23.6× | 10.8% | +18.3% |